Android and Meis reporting on an interesting rumor about a supposed prototype for Google Inc.'s (GOOG) next generation Nexus phone (the fifth generation model). Supposedly, LG Electronics, Inc. (KSC:066570) is competing for the contract with a model called "Megalodon", which appears to have a truly monstrous spec.

The Google-branded smartphones have been a tradition for Google since the 2010 Nexus One by HTC Corp. (TPE:2498). The Nexus One was succeeded by the Nexus S (Dec. 2010), Galaxy Nexus (Nov. 2011) from Samsung Electronics Comp., Ltd. (KSC:005930), Nexus 4 (Nov. 2012) by LG Electronics

LG will have to work hard to win another contract from Google. While its Nexus 4 was well received and a hot seller, it was set back by troubling supply shortages during the 2012 holiday season. A Google rep. described the supplies as "scarce and erratic" -- not exactly a glowing recommendation.

But the spec sheet on the Megalodon (if accurate) is hard not to love:

A supposed picture of the "Megalodon" prototype. [Image Source: Android and Me]

The gesture control makes sense; it would put the device in line with Samsung's just-released Galaxy S IV. The 1080p screen resolution is also pretty predictable; both the HTC One and the GSIV pack 1080p. The surprises are the inclusion of OLED -- a technology LG is indeed pursuing hard -- the large battery, and the super-powerful Snapdragon 800.

The Snapdragon 800 won't be sampling till early next quarter, making the rumor a bit hard to believe. If LG can pull off the device by the expected October launch date for the Nexus 5, it will have to snatch up much of the early production of Qualcomm's most prized upcoming high-end chip.

An image (above) also leaked, but it's hard to see whether the case will be metal or plastic (it looks like the rim is either metal or metallic toned plastic, at least).

as for the phone: wow, amazing specs if accurate. and if google continues its policy of pricing these things at or near cost, then this will definitely be my next phone.one question: i hear this is supposed to have an OLED screen, but doesn't samsung make around 95% of the world's OLED screens? so what's in this thing, a samsung screen in an LG device (not as strange as it sounds, the PS Vita also has a samsung screen, and samsung SOC), or a new LG OLED screen?

Samsung may have a bigger OLED market share, but LG is the first one to sell OLED TVs in the world (55-inch). Since its launch last month, it's selling really well (despite its crazy price) in Korea. At least in Korea when it comes to display products, LG is often favored over Samsung among techies. I can't say the same about mobile phones however.